The Director-General of the Nigerian College of Accountancy (NCA), Jos, Plateau State, Dr. Kayode Fasua, has called on accountants and allied professionals to expect more disruption by digital technology. He said the disruption will remarkably affect traditional professions and impact the economy.
Fasua said this in a paper titled: ‘the Fourth Industrial Revolution and the Accountancy Profession’, which he presented at the 25th Annual Conference of the Association of National Accountants of Nigeria (ANAN).
He said only accountants and financial professionals who are ready to utilise opportunities created by technology would survive the disruption, which he said has triggered the fourth industrial revolution. He said the disruption would create more opportunities and greater risks than the previous industrial revolutions.
“Accountants should be aware of industry 4.0 otherwise referred to as the Internet of Things or the Fourth Industrial Revolution. Industry 4.0 is in an embryonic stage currently and it is already adding value to businesses,” he said.
According to him, the Internet would continue to transform how organisations and institutions do business; transform the society and leave behind enormous ecological footprints on the lives of people.
“Despite claims from some that careers will be lost, professions destroyed and accounting and audit services made redundant by new digital technologies, there are vast opportunities for those with new knowledge to excel. Professionals who become well versed in the new technologies and social settings will be relevant,” he said.